Amazon has come up with some pretty disappointing news for crypto fans. The company seems to have come and gone through time when it comes to accepting cryptocurrency payments, and now it looks like the company is not ready to move in that direction.
Amazon Kills All Hopes of Cryptocurrency Payments
Amazon is one of the biggest, if not the biggest, retailers in the world. The online sales giant initially started out as a place to buy books, but now it looks like you can buy whatever you want via the company’s website. All you need is login information and a valid payment method, and you’re good to go.
But the fact that it is not ready or even willing to accept cryptocurrencies really undermines the power of the industry we love and respect so much, especially as it is one of the many companies that do not allow cryptocurrencies to function in their original capacity. . While there are many companies that do this, the fact that Amazon is so big hurts even more.
Initially, bitcoin and its cryptographic partners were designed to serve as payment methods for goods and services. It is easy to forget this, as BTC and many other digital currencies have taken on speculative auras in previous years. They are seen as ways to get rich overnight if you play your cards right. They are also, in many ways, seen as hedging tools; things that keep wealth steady and steady during times of economic turmoil.
However, they were originally built as a means of bypassing fiat currencies, checks, and credit cards. Unfortunately, this did not happen because they are often subject to high volatility, making their prices difficult to predict. They can go up and down at any time and therefore many stores are reluctant to say “yes” to cryptocurrency payments for fear of losing profits. To some extent, we cannot blame them.
Consider the following scenario: a person walks into a store and buys $50 worth of goods with bitcoin. For one reason or another, the store does not exchange currency for fiat and spend 24 hours. In that period, the price of bitcoin drops and that $50 becomes $40. The customer keeps everything they bought, but in the end the store lost money. Is this a fair situation? Not everyone thinks so.
Perhaps NFTs are a good entry into the crypto space
Amazon CEO Andy Jassy explained that while the company does not currently accept cryptocurrencies, executives may enter the world of non-fungible tokens (NFTs) in the future. He commented:
We are probably nowhere near adding cryptocurrencies as a payment mechanism in our retail business, but I think over time you will see cryptocurrencies get bigger.